SBP issues warning to banks on Zakat form

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KARACHI : The State Bank of Pakistan (SBP) has asked all banks and Development Finance Institutions (DFIs) to provide acknowledgement to customers while depositing Zakat Declaration Form.


The central bank said on Tuesday that it has been receiving complaints from financial consumers that banks and DFIs were not providing acknowledgement receipts while depositing a copy of Zakat Declaration Form at branch counters.


“This tendency on the part of branch officials of such banks and DFIs has been viewed seriously as the acknowledgement receipt is considered prime evidence whenever any dispute on Zakat deduction subsequently arises between the parties,” said the State Bank.


All banks and DFIs were advised by the SBP to invariably provide acknowledgement to their customers on submission of Zakat Declaration Form by properly affixing branch stamp, date and signature on its photocopy.


The SBP further said that necessary instructions must be issued to all branches for ensuring meticulous compliance with above instructions in letter and spirit.


The SBP warned that violation of this advice could be liable of penalty.

Courtesy:  dawn

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